Alarm.com Acquires OpenEye to Expand Commercial Solutions
Video Surveillance-as-a-Service Offering Creates Growth Opportunities in Enterprise Market for Service Providers
TYSONS, Va.--(BUSINESS WIRE)--Alarm.com (Nasdaq: ALRM) today announced a majority-stake acquisition of OpenEye, a leading provider of cloud-managed video surveillance solutions for the commercial market. OpenEye is optimized for enterprise-level commercial customers requiring expansive video recording capabilities, in addition to remote viewing, administration and diagnostic reporting. Combined with the Alarm.com for Business offering, service providers partnered with Alarm.com now have a best-in-class solution to accommodate commercial accounts of any size.
OpenEye's intelligent cloud architecture efficiently distributes video and event data to maximize control for both onsite command center operators and remote administrators. The unique hybrid solution delivers the high-resolution long-term storage, low bandwidth consumption, and centralized cloud management that enterprise users demand. OpenEye is currently utilized at over 14,000 business locations in the U.S. and Canada.
"OpenEye has consistently demonstrated that they are the unequivocal leader in the video-surveillance-as-a-service space and we are excited to help the team continue growing their business," said Steve Trundle, president and CEO of Alarm.com. "OpenEye has a robust customer and partner list and our top priority is to ensure they all continue to experience great service. The addition of OpenEye will enhance the offerings available to Alarm.com partners in the commercial space. With the ongoing transition from traditional on-premise products to VSaaS, we're creating new value for subscribers and additional RMR opportunities for our partners."
OpenEye was founded in 1999 as an innovator in the design and development of cloud-centric software solutions for video management, business intelligence and loss prevention. The combination of OpenEye and Alarm.com expertise will provide a comprehensive, industry-leading suite of interactive cloud-based services spanning video, access control, intrusion and automation for domestic and international commercial enterprises of all sizes. In addition, OpenEye and Alarm.com have well-established reputations for delivering world-class customer service to their networks of service providers and integrators.
With the acquisition, OpenEye will be a subsidiary of Alarm.com. The company will continue operations under the OpenEye brand and be led by the existing management team. OpenEye Web Services will remain an open cloud platform and the company remains committed to expanding its ecosystem of technology partners and integrated devices. Alarm.com intends to further invest in OpenEye's growth and expand its headquarters presence in Liberty Lake, Wash.
"We're excited about this next step in our evolution as the leader in cloud-based VSaaS," said Rick Sheppard, CEO of OpenEye. "Alarm.com is the platform of choice for thousands of service providers that demand innovation and exceptional customer service. Combining their wide array of partner tools and resources with our capabilities will provide our partners with solutions that are second-to-none."
The market for cloud-based video services, also known as Video-Surveillance-as-a-Service (VSaaS), is expanding rapidly as legacy solutions shift to new cloud-based architectures. According to IHS Markit, the Video Surveillance Market in the Americas region was $4.4 billion in 2018. Market share for VSaaS is forecast to increase from 9% of total spending in 2018 to 15% by 2022.
Alarm.com is the leading platform for the intelligently connected property. Millions of consumers and businesses depend on Alarm.com's technology to manage and control their property from anywhere. Our platform integrates with a growing variety of Internet of Things (IoT) devices through our apps and interfaces. Our security, video, access control, intelligent automation, energy management, and wellness solutions are available through our network of thousands of professional service providers in North America and around the globe. Alarm.com's common stock is traded on Nasdaq under the ticker symbol ALRM. For more information, please visit www.alarm.com.
OpenEye is a leading provider of cloud-managed solutions for video security, business intelligence, and loss prevention. OpenEye Web Services streamlines operations and reduces the burden on IT, making it easier to manage and maintain video deployments and integrations of all sizes. Our open cloud platform combines and analyzes event data from video, alarm systems, access control, sales transactions, central stations, and IoT devices. We transform events into actionable insights that enhance security and increase business profitability. OpenEye‘s professional recording hardware and cloud-managed solutions are available globally through a trusted network of certified dealers.
Alarm.com Public Relations